Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Oswego Clay Pipe Company sold $46,600 of pipe to Southeast Water District #45 on April 12 of the current year with terms 4/15, n/60. Oswego
Oswego Clay Pipe Company sold $46,600 of pipe to Southeast Water District #45 on April 12 of the current year with terms 4/15, n/60. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on June 10, assuming the customer made the correct payment on that date?
Multiple Choice
Cash | 46,600 | |
Accounts receivable | 44,736 | |
Sales discounts forfeited | 1,864 |
Cash | 48,464 | |
Accounts receivable | 46,600 | |
Sales discounts forfeited | 1,864 |
Cash | 46,600 | |
Accounts receivable | 44,736 | |
Discounts receivable | 1,864 |
Cash | 46,600 | |
Accounts receivable | 46,600 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started